Oslo-listed Akastor and Norwegian industrial group IKM have combined forces to create an international operations and maintenance (O&M) company for the offshore wind industry called Fon Energy Services.
Fon Energy Services will offer integrated O&M solutions to developers, operators, sub-suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms.
The new company will provide a fully integrated service offering for inspection and maintenance services for balance of plant-equipment, including foundations, inter-array cables, and substations.
The offering includes periodic and event-based inspection, preventive and corrective maintenance and major repairs.
Fon Energy Services will also provide asset and O&M management services, including O&M optimisation and planning, and asset integrity management.
It will also solve logistics and vessel management on behalf of customers.
Rahman Khanani has been appointed to head up the new venture.
Khanani joins Fon Energy Services from a position as chief strategy and innovation officer at Element Logic, which delivers warehouse automation solutions.
He has previously worked as a management consultant for PA Consulting and EY.
Akastor, which has the Aker Group as its largest shareholder, chief executive Karl Erik Kjelstad said: “The O&M segment within offshore wind accounts for a significant part of the cost throughout the project lifecycle.
“We are seeking to industrialise and digitize this segment enabling us to create a market leading and streamlined O&M offering.
“We are delighted to join forces with IKM to realize these plans.”
Under the agreement, Akastor will inject capital in the business, while IKM Group is to move the operations of crane and lifting specialist IKM K&L and engineering company IKM Tech Team Solutions into the new company.
IKM K&L has already delivered maintenance services to more than 450 wind turbines in Norway.
Fon Energy Services already has a team of approximately 80 employees, including specialist engineers and offshore technicians.
IKM Group chief executive Stale Kyllingstad said: “Scale is important within O&M. Combined with decades of O&M experience from the offshore oil and gas industry, the team can offer a highly cost-efficient and complete offering from day one.
“Further, these businesses already deliver positive results and cash flow, which adds another layer of security for prospective customers.”
IKM Group and Akastor, through a wholly owned subsidiary, will each own 44% of oøn Energy Services. The remaining 12% will be owned by the management of the company.
Khanani said: “We aim to support our clients by taking charge of operations and maintenance requirements that need to be solved through the development, construction and operational phases of an offshore wind farm.”
Fon Energy Services aims to tap into the Aker group’s proven ability to drive digital collaboration and industrialization across the energy value chain.
This will be combined with IKM Group’s track record of building strong and effective service businesses within operations and maintenance in offshore industries.
Khanani added: “Digitalizing and industrializing the O&M value chain will be key for us.
“We want to provide our customers with the best possible decision-making support systems in order to help them reduce both capex and opex.
“We are confident that we will provide wind farm developers and operators with a highly competitive O&M offering.”